FAQs

Here you'll find some of the most commonly asked questions. If you can't find the answer to your question, please use the contact form here and one of our team will be pleased to answer your question via email or telephone.

Is a stock take a legal requirement in the UK?

Yes you would definitely need to do a stock take at year end to ensure your stock figure in the accounts is accurate but otherwise it's up to you.

You should always carry out a stock take at the end of the year at the very least. This will give you an accurate record of how much stock you are carrying at the year-end and will be needed to prepare your year-end accounts. You should also think about holding a stocktake more often.

Do I need to tell the stocktaker if I'm running any promotions?

Yes - and keep records - otherwise the stocktaker will assume everything has been sold at the normal price. It also allows them to make adjustments to the surplus/deficit result and they can advise on the impact the promotion has had on the business.

Can a Stocktaker save you money?

Yes, by advising on cost prices, identifying losses before they get out of hand and discussing results.

How often should a stock take be done?

To ensure that every stock of your business is counted at least once a year, you need to perform stocktaking at least once every year. However, depending on the needs of your business, you may perform stocktaking more than once a year including performing it on a daily, weekly, monthly or quarterly basis.

When will I get my report?

Keane Stocktakers provide a detailed stock valuation, with summary and certificate given on the day.